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fasteddie577
March 25, 2025
Solved

New Home Purchase

  • March 25, 2025
  • 3 replies
  • 0 views

My son bought a new home in 2024. From what I've read, the only thing he can deduct on his tax return are property taxes paid, interest on the loan and mortgage points. Also, for it to be worthwhile, the itemized deduction total needs to be greater than the standard deduction. Please let me know if this is correct. Thank you. 

Best answer by MinhT1

Yes, you are correct.

 

Please read this TurboTax article for more information.

3 replies

Employee
March 25, 2025

You are correct. 

MinhT1Answer
March 25, 2025

Yes, you are correct.

 

Please read this TurboTax article for more information.

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March 25, 2025

Yes, you and your son have it correct if your son considers the home his personal residence